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PROSPECTUS SUPPLEMENT TO
VAN ECK GOLD AND MONEY FUNDS PROSPECTUS
DATED APRIL 23, 1996
AMENDMENT TO THE PROSPECTUS--"RISK FACTORS" (PAGE 17)
Global Hard Assets Fund intends to invest in Russian issuers. Investments in
Russia involve the risks associated with other foreign emerging markets. In
particular, settlement, clearing and registration of securities in Russia is
in an underdeveloped state. Ownership of shares (except those held through
depositories that meet the requirements of the Investment Company Act) is
defined according to entries in the issuer's share register and normally
evidenced by extracts from that register, which have no legal enforceability.
Furthermore, share registration is carried out either by the issuer or
registrars located throughout Russia, which are not necessarily subject to
effective government supervision. As a result, it is possible for the Fund to
lose its registration and thus its ownership of these securities due to fraud,
illegal amendment, negligence or even mere oversight. This system also may
cause a delay in the Fund's sale of Russian securities to a potential
purchaser and subject the Fund to the risk of loss in connection with the
insolvency of a registrar. In addition, while applicable Russian regulations
impose liability on registrars for losses resulting from their errors, it may
be difficult for the Fund to enforce any rights it may have against the
registrar or issuer in the event of the loss of share registration.
To reasonably ensure that its interest continues to be appropriately recorded,
the Fund will invest only in those companies whose registrars have entered
into a contract with the Fund's Russian sub-custodian, which gives the sub-
custodian the right, among others, to inspect the share register and to obtain
extracts of share registers through regular audits. While these procedures
reduce the risk of loss, there can be no assurance that they will be
effective. This limitation may prevent the Fund from investing in the
securities of certain Russian issuers otherwise deemed suitable by the
Adviser.
Prospectus Supplement Dated November 25, 1996
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PROSPECTUS SUPPLEMENT TO
VAN ECK GLOBAL FUNDS PROSPECTUS
DATED APRIL 23, 1996
AMENDMENT TO THE PROSPECTUS--"MANAGEMENT--INVESTMENT ADVISER, MANAGER AND
ADMINISTRATOR" (PAGE 39)
Effective October 8, 1996, Van Eck Associates Corporation (the "Adviser") of
the Fund, which had earlier assumed responsibility for advising Asia Dynasty
Fund and Asia Infrastructure Fund from the sub-adviser, AIG Global Investment
Corp., has transferred these functions to a wholly-owned subsidiary, Van Eck
Global Asset Management (Asia) Limited ("Van Eck Asia"). Mr. Timothy Chan, an
employee of both the Adviser and Van Eck Asia, will continue to be the
Portfolio Manager of the two Funds. Mr. Chan has 12 years of investment
management experience in Hong Kong and Tokyo managing funds with similar
objectives as the Asia Dynasty Fund and Asia Infrastructure Fund. Between 1994
and 1996, Mr. Chan served as Portfolio Manager for BZW Investment Management.
From 1990 to 1994, Mr. Chan was a Fund Manager for Sun Hung Kai Fund
Management. Prior to that, Mr. Chan was a Fund Manager of Scimitar Asset
Management Asia Ltd., Hong Kong, a wholly-owned subsidiary of Standard
Chartered Bank.
AMENDMENT TO THE PROSPECTUS--"RISK FACTORS" (PAGE 20)
Global Hard Assets Fund intends to invest in Russian issuers. Investments in
Russia involve the risks associated with other foreign emerging markets. In
particular, settlement, clearing and registration of securities in Russia is
in an underdeveloped state. Ownership of shares (except those held through
depositories that meet the requirements of the Investment Company Act) is
defined according to entries in the issuer's share register and normally
evidenced by extracts from that register, which have no legal enforceability.
Furthermore, share registration is carried out either by the issuer or
registrars located throughout Russia, which are not necessarily subject to
effective government supervision. As a result, it is possible for the Fund to
lose its registration and thus its ownership of these securities due to fraud,
illegal amendment, negligence or even mere oversight. This system also may
cause a delay in the Fund's sale of Russian securities to a potential
purchaser and subject the Fund to the risk of loss in connection with the
insolvency of a registrar. In addition, while applicable Russian regulations
impose liability on registrars for losses resulting from their errors, it may
be difficult for the Fund to enforce any rights it may have against the
registrar or issuer in the event of the loss of share registration.
To reasonably ensure that its interest continues to be appropriately recorded,
the Fund will invest only in those companies whose registrars have entered
into a contract with the Fund's Russian sub-custodian, which gives the sub-
custodian the right, among others, to inspect the share register and to obtain
extracts of share registers through regular audits. While these procedures
reduce the risk of loss, there can be no assurance that they will be
effective. This limitation may prevent the Fund from investing in the
securities of certain Russian issuers otherwise deemed suitable by the
Adviser.
Prospectus Supplement Dated November 25, 1996
